Direxion Daily Semiconductors Bull 3x Shares (SOXL) plummeted 5.23% in pre-market trading on Friday, reflecting a sharp downturn in the semiconductor sector.
The decline was driven by a broad sell-off in chip and storage stocks. In premarket trading, UMC dropped over 4%, SK Hynix fell 3%, and SanDisk, NXPI, Micron, and SOXL were down around 2%, according to reports. The widespread weakness in the sector weighed heavily on the leveraged ETF, which tracks semiconductor equities.
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